A foreigner is only allowed to own his or her own condominium in Thailand. Obtain a work permit quickly and easily. Many do buy them in Pattaya, Chiang Mai as well as in Bangkok. This you will need to buy your condo to exchange your currency for Thai Baht. To answer your question, you as a foreigner can buy a condo in Thailand within the foreign ownership quota. Can Foreigners Buy Land in Thailand? The principle behind this is that they are not allowed to own the land. The situation in Thailand is not the same as in foreigners’ countries because they generally cannot buy property in the kingdom. It is part of the Noble BE33 project in Khlong Tan Nuea, Bangkok. Thai condo laws define a ' condominium ' as a building that can be separated into units for individual ownership and includes common properties (land on which the building sits, hallways, elevators, etc.). My wife is working on her citizenship and therefore does not want to travel to Thailand at this time. Buy an Apartment or Condo Apartments and Condos Can Be Owned by Foreigners in Thailand. When you own the condo you are allowed to rent out the unit. As long as it is not considered a business you are basically free to rent out your condo in Thailand. Only when it comes to the intent to do this as a business the requirements under the Foreign Business Act and Foreign Employment Act must be complied with. They can own the property itself, but not the land it sits on. The transfer has to be evidenced in writing. Read more. As set forth in Thailand’s Condominium Act, more than half the total floor area of all the saleable residential units within a particular condo development must remain under Thai ownership; although only a fraction of Chiang Mai’s condos have now reached their 49% foreign-owned quota, it’s an important part of exercising due diligence before buying a condo here to triple … Can foreigners buy property in Thailand? Circumvent visa runs, red tape and extended stays. In the case of the sale of an existing condo, a buyer can pay the purchase price using a cashier’s check at the land office after the transfer of ownership. Can Foreigners Get a Loan to Purchase Property in Thailand? Kasikorn Bank. Off-Plan Condo Purchase in Thailand and Escrow Payment terms and risks when buying pre-construction. A Thai business/ limited company cannot buy a condo on your behalf. Here’s a look at how easy it is for foreigners to buy Pattaya condos: Buying a freehold condominium under a foreigner’s name. A foreigner can lease land for 30 years, according to the laws of Thailand. Foreigners can purchase up to 49 per cent of the condominium units in any freehold condominium in Thailand, but are not allowed to buy landed property outright. The Condominium Act of Thailand (2008) allows non-Thai nationals to purchase up to 49% of the condos in a development and this kind of purchase is regarded as freehold. However, a foreigner can buy a whole building, minus the land on which it is built. Thai law stipulates that foreigners cannot won more than 49% of the units. Yes a foreigner can own a condominium in Thailand. In case the introduction hasn’t given the game away, foreigners can most definitely buy one in Malaysia, it's just a matter of deciding WHERE. The process of buying a condo in Thailand is fairly easy, and only a few requirements must be met: The property purchased must be part of the project’s 49% surface that could be owned by foreigners. Under Thailand law, it is not prohibited for a foreigner to own a condominium building in the country as long as his title therein does not exceed forty-nine percent (49%) of … It also costs less to register the leasehold than transferring the freehold ownership at the Land Office. Of course Now, before we get carried away, lets clarify a few issues first. A partly foreign company has legal pitfalls and potential legal issues that could cause trouble during the company's existance. If you are buying a condo then consider that land ownership in Thailand is very difficult. Since property buying in Thailand is reserved for Thai individuals, it is important that Foreigners buying property in Thailand be aware of the legal structure of their purchase. You Can Purchase a Condo as an International Resident. Foreigners are subject to some restrictions when it comes to buying property in Thailand. Foreigners can get a property loan in Thailand if they are qualified under the strict conditions of financial institutions. Company ownership is a … If you are a foreigner interested in buying a condo in Thailand there are several issues you need to be aware of. Buying a condo in Thailand is an attractive option for many foreign nationals. There is no restriction for foreigners with regards to buying a condo unit except that the maximum you can own would be 49% of the total number of units of the same condominium building. There is no expiration date on proprietary rights, and properties can be bought, sold, and inherited freely among foreigners. Buying a Condominium. Yes. If you plan to sell or lease your condo in Thailand, it is often a good idea to do some renovations. In the case of the sale of an existing condo, a buyer can pay the purchase price using a cashier’s check at the land office after the transfer of ownership. While U.S. people are restricted from buying land in Thailand, you can purchase condos, long-term land leases of as much as Thirty Years, and also the structures built on the land. It is part of the Hasu Haus project in Phra Khanong Nuea, Bangkok.You can buy this Condo for a base price of ฿5,253,000 (฿131,000/SqM) and it is also available for long term rentals starting from ฿20,000 per month. How should a foreigner own property in New York. This can be easily checked directly with the juristic responsible at the developer office. Due to the 1979 Thailand Condo Act, immigrants can possess condominiums anywhere in Thailand hundred percent outright, as long as the building has not currently marketed its forty-nine percent foreign allocation. Intended to boost the country’s foreign investment, the Thai government have for some time, gave a leeway for foreigners to own real estate in the country. To purchase a condominium in Thailand you must have a checking account that is easy as 123 to open at the financial institution of your choice. However, a foreigner can only purchase a condominium in his/her own name, as long as at least 51% of the building is owned by Thai people. There’s a common misconception that it’s impossible to get a bank loan for foreigners in Thailand, but that’s simply not true. This property is a 34.80 SqM Condo with 1 bedroom and 1 bathroom that is available for sale. For … Acquiring a condominium in Thailand as a foreigner is the easiest and most uncomplicated method to purchase real estate. You must make sure the conditions are right though, and double-check what you can and can’t do. Can a foreigner own a property in Thailand is a question that is often asked. It is only permissible for foreigners to own condominiums under their names in Thailand. In real basic terms the easiest way to explain can a foreigner own property in Thailand the answer is yes! This property is a 40.25 SqM Condo with 1 bedroom and 1 bathroom that is available for sale. Foreigner can buy the house for the price above of 10 million Thai Bath. or a smaller, modern new build? I am Indian, I wanted to know where is the best location where I can get a better return on …. pkundariya Newbie Asked on 30 April 2018 in Thailand. Easy to bequeath to a Thai. Foreigners cannot buy land in Thailand, only condominium units and apartments. Yes – a foreigner can buy a condo in Thailand. Only condominium buildings licensed under the condo act and registered with the land department as 'condominium' offer individual … Basically this means that expats can own a building but not the land on which it stands. Foreign quota When buying a condo in Thailand, foreign residents can only own up to 49% of the total floor area, as written in Immigration Bangkok . On signing the agreement the buyer pays a percentage of the price (e.g. As mentioned, strata titles allow foreign ownership of up to 70% of a co-owned building, given that foreigners can only purchase property on the first floor or above. Bangkok Bank. Thai law only allows foreigners to buy condos in certain circumstances. Should I get a big apartment in an old building? Buying an apartment in Chiang Mai for a retired couple is much easier than a house as foreigners are allowed to own apartments or condos free and clear. Foreign Ownership buying an apartment unit. Typically in Thailand, a foreigner can lease land for 30 years, though unusual, this mostly happens when a foreigner marries a Thai citizen: the Thai citizen purchases the land and sets out a lease agreement with his or her foreign spouse. Here you find a list of banks where you as a foreigner can get finance when buying a condo in Thailand: 1. More foreigners are seeking Thai visas as they consider Thailand a “COVID-Free Paradise.” There are less nationality restrictions under Thailand condominium laws regarding ownership than land ownership and it is possible for a foreigner to own a condo outright. By law, foreigners can own up to 49% of the total saleable area of a condominium building. Foreigners are subject to some restrictions when it comes to buying property in Thailand. Condo Financing and Mortgages. Buying a condo on a leasehold is cheaper than buying a freehold. 2 answers. 7. Cons. be sent to Thailand from a foreign country in the original currency. Below is a step by step list of the buying process in Thailand. and was completed in Dec 2017 Due to the legal restrictions mentioned above, most foreigners choose to simply buy condos and apartments in Thailand, which can be owned on a foreign freehold basis. There are several considerations which need to be complied with as provided for under Thai laws. Due to the legal restrictions mentioned above, most foreigners choose to simply buy a condominium or apartment in Thailand. Every country has its own rules for who can purchase property, and Thailand is no exception. The only limit on the law, however, is that foreigners can’t own more than 49% of the units in any one condominium building. Hence, this shows that it is easy to buy a condominium in Pattaya. There are, however, a few stipulations; namely foreigners can’t own more than 49% of condos in any one building. 2522 (1979) as amended 2008) enabled foreigners to own their condos outright with freehold. Also, foreign investment allowed in only 40%. Without proof of this, a foreigner cannot register the condo in their name. Check out our article on property ownership in Thailand. They need to find in you the right agent and they also need to feel you work with experienced, and ethical lawyers that will help them during the buying process. The foreigner can own the condo unit under their own name. Property. U.S. Citizen Buying Property in Thailand. Basically only foreigners with residency, income and an employment history in Thailand can, depending on the bank's policy, obtain a mortgage for the (part) financing of a freehold condo (and then only for a real condo as this is the only immovable property foreigners can obtain outright ownership of in Thailand). 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